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Chapman Tripp is delighted to have advised Lodestone Energy on its initial public offering on the NZX, the first significant IPO on the exchange in five years and the first New Zealand listing centred on utility-scale solar generation.
Having successfully raised $75 million to support the next stage of its growth, Lodestone will debut on the NZX Main Board today. The IPO proceeds will allow Lodestone to continue its planned construction of additional solar farms and expansion of its customer base.
Founded in 2019, Lodestone has grown into a vertically integrated renewable electricity generator that develops, constructs and operates utility-scale solar farms and sells electricity directly to customers. The business currently has five operating solar farms, a sixth under construction, and is targeting 16 to 18 operating solar farms by FY32.
Partner Rachel Dunne said:
“We are delighted to have supported Lodestone on this landmark transaction. Chapman Tripp has worked alongside the business since its early stages, and it is exciting to see Lodestone’s growth story reach this significant milestone. This IPO is an important step for Lodestone and for New Zealand’s renewable energy sector.
Lodestone’s IPO is also significant because it is the first to use the recently passed amendments which allow for greater flexibility in the way in which prospective financial information may be presented to investors. The additional flexibility afforded is particularly important to growth companies, such as Lodestone” she added.
Lodestone Managing Director Gary Holden said:
Chapman Tripp has been a trusted adviser to Lodestone since our early days, and their team’s deep capital markets expertise, commercial judgement and responsiveness were invaluable in bringing this IPO to market. We are grateful to Rachel and the team for guiding us through a complex process with clarity and care.
The Chapman Tripp team was led by leading equity capital markets partner Rachel Dunne with significant input from partners Hamish Bolland and Philip Ascroft, as well as support from across the firm, including senior solicitor Bill Caldwell and solicitor Zoe Tinkler who each played a key role on the IPO workstreams.
